Need clarification on some details

I've synced my university email to my phone, but before it can completely sync and I can begin to view email from it, I need to allow email server to act as a device administrator. It says that by:

"Activating this administrator will allow the application Email to perform the following operations: Erase all data (without warning), Set password rules, Monitor screen unlock attempts, and Lock the screen"

Does this mean I give control of my phone to the IT guys who manage the university email server? I'm not okay with any of those operations being given to anyone seeing as I'm the owner of the phone.